You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The morigage is cumently exactly 18% years old, and you have just made a payment. the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the morngage? (Note: Be careful not to round any intermediate steps less than six decimal places.) Cash that remains after payolf of mortgge is (Round to the nearest dolar)

You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The morigage is cumently exactly 18% years old, and you have just made a payment. the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the morngage? (Note: Be careful not to round any intermediate steps less than six decimal places.) Cash that remains after payolf of mortgge is (Round to the nearest dolar)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The
mortgage is curendy exactly 18% years old, and you have just made a payment. the interest rate on the mortgage is 7.75% (APR), how much cash will you have
from the sale once you pay off the mortgage? (Note: Be caretul not to round any intermediate steps less than six decimal places)
Cash that remains after payoff of mortgge
(Round to the nearest dollar)

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